Description

What’s the difference between a condo, a common elements condo, a co-op, and co-ownership?

In today's episode of Building Wealth Through Real Estate...Brick By Brick I talk about the most common types of ownership.

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Types of Ownership:

1. Freehold - You own the entire property and there is a unique PIN registered in Land Titles linked to your legal name.

Shared Ownership

2. The most common is a Condominium:

•  You own your unit and receive a deed for it. Along with owning the unit, you share an interest in the common elements of the building with your fellow Condominium Corporation members. Separate PIN numbers for condo unit, parking, Locker 

3.  Co-operative or Co-op:

• You own shares in the private company that owns the building and by owning those shares you are given exclusive rights to occupy a specific unit in that building. Potential owners are also interviewed by the board.

4. Co-ownership: 

• You own a percentage of the building and your name (along with all the other owners) goes on title for the entire property. Like a co-op, you have exclusive rights to a unit in the building. Potential owners may or may not be pre-screened by the board.

5. Common Elements Condominium - The best of both worlds:

If your buyer wishes to purchase a unit in a standard condominium corporation, they will be required to pay a common element fee for the maintenance of hallways, elevators, indoor and outdoor amenities etc...

• A common elements condominium corporation on the other hand consists of common elements like roads, visitor parking, and/or parks that are considered a parcel of tied land permanently attached to the property (POTL).

This type of corporation requires owners to fund their maintenance and repair of these common elements through monthly POTL fees which are typically much lower than the maintenance fees paid in a Standard Condominium Corporation. 

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